Category: Recent Post

Global energy demand may well have peaked last year, and the same may be true for carbon dioxide emissions, Norwegian energy consultancy DNV GL said in a new report. According to the consultancy, over the next three decades, the world’s energy demand will actually decline, and in 2050 demand will be on a level with what it was in 2018. The reasons for this would be the lasting effect of the coronavirus pandemic and significant improvements in energy intensity, the report’s authors, Sverre Alvik and Mark Irvine, wrote. “The lingering effects of…

Read More

Saudi Arabia’s Energy Minister Prince Abdulaziz claimed last week that the Kingdom will be the world’s biggest hydrocarbon producer “even” in 2050. “I can assure that Saudi Arabia will not only be the last producer, but Saudi Arabia will produce every molecule of hydrocarbon and it will put it to good use … It will be done in the most environmentally sound and safe way and the most sustainable way,” Abdulaziz said when asked about the oil market outlook in 2050 during a virtual conference convened by Saudi Arabia’s Future Investment…

Read More

The United States held a record-high level of commercial crude oil inventories as of the week to June 19 following the collapse in demand in the lockdown and the slow demand recovery after lockdowns were lifted, data from the Energy Information Administration (EIA) showed on Monday. In its latest Weekly Petroleum Status Report, the EIA reported a 1.4-million-barrel increase in crude oil inventories for the week to June 19. At 540.7 million barrels, U.S. crude oil inventories are still above the five-year average for this time of the year, and…

Read More

ISLAMABAD: With a view to wriggling Karachi—business capital of Pakistan out of crippling power outages and to avoid increasing loadshedding in Punjab, KP, Sindh and Balochistan, the state owned Pakistan State Oil (PSO) is all set to hold much awaited bids opening tomorrow (June 30, 2020) for import of furnace oil. And the furnace oil will be imported through Pakistan National Shipping Corporation (PNSC) ships and once the furnace oil is made available the ongoing loadshedding in Karachi in particular and other parts of the country in general will be…

Read More

As if the economic fallout from the novel coronavirus pandemic weren’t enough, a series of trade battles have redoubled the United States’ economic woes in recent weeks. Like everywhere else around the globe, the U.S. has seen a severe downturn in nearly every economic sector and soaring rates of unemployment as the country shut down in the face of COVID-19. But just when the nation has been reopening and it looked like the country’s economy was slowly beginning its long road to recovery, new politically driven troubles have arisen. This…

Read More